But India’s GDP growth rate is still expected to surpass China’s this year for first time since 1999.
With an expected growth of 7.5 per cent this year, India is, for the first time, leading the World Bank’s growth chart of major economies,” said Kaushik Basu.
Kher said industry will have to become globally competitive without the support of ‘subsidies and doles.
The government is committed to keep inflation below 5 per cent.
The Supreme Court had in September 2014 cancelled the allocation of 204 mines.
Modi said there was no contradiction between doing big ticket items and doing small things.
The Planning Commission has increasingly become an anachronistic behemoth, although it did play a crucial role in the initial years.
The GDP in the second quarter was better than 5.2% of the same period last fiscal but was slower than 5.7% rate achieved in April-June quarter of current fiscal.
It is better to show higher world poverty by raising the poverty line than to distort history by using obsolete and questionable data
Whether Q1 GDP numbers, boosted by a favourable base effect, can be sustained remains to be seen.
As regards the FDI policy of the government, he said there are not many sectors left where there are restrictions.
The economy grew by 5.7 per cent in the first quarter of the fiscal, marking the fastest growth since March 2012.
Government will present the budget when the country faces high inflation, particularly in the food segment, and a significant fiscal deficit.
The Union Budget is expected to be presented in the second week of July.
Finance Minister said initial amount of fiscal disciplining will enable India and its people to enjoy fruits of sounder economy at a subsequent stage.